Laurent Martinez

Casio September 6, 2021

Collector Interview: John Demsey

By Laurent Martinez

I would like to share with you a recent conversation I had with John Demsey, executive group president at the Estée Lauder Companies.

Demsey is well-versed in beauty, luxury, and creativity, so it may not come as a surprise that John is a watch guy too, with a love of timepieces that stretches back to his childhood.

At six years old, Demsey got his first watch, which was a Timex, and as he recalls it, a big deal. He came into possession of his second watch as a teenager during a trip to Japan when he picked up a special edition Seiko watch made for the Osaka Expo 1970 world fair.

As LED became the fashionable watch technology of the decade, John’s father then gave him a futuristic Pulsar timepiece.

However, what came next was Demsey’s “first real watch,” and it’s what most of us will agree is an absolute grail-worthy piece.

On his sixteenth birthday, Demsey’s father gifted him a Royal Oak, the very one that Gerald Genta designed for Audemars Piguet. Not only did John get a first-generation Royal Oak, but his dad bought himself a matching one too.

Hearing John tell the story, you can feel the emotion that surrounds this special occasion. It’s a memory that is as vivid and clear as if it happened yesterday. I love hearing about fathers and sons owning identical watches; I find it to be a beautiful and symbolic expression of tight familial bonds and being connected by time. For John, watches represent a continuation of life when special pieces are handed down from generation to generation.

Design appreciation

Watches are, of course, a combination of beautiful art and industrial techniques, which parallels Demsey’s upbringing with a mother who was a painter and a father who ran a steel processing plant. His appreciation for design and beauty goes far beyond timepieces, as John is also an avid collector of art, photography and furniture.

For Demsey, watches are one of the few objects that men can wear to signify personal style. He learned from an early age about the subtle cues a watch could tell another person. It can speak volumes about who the wearer is, what he finds stylish, how he regards time, and what his passions are. On a recent trip to Japan for example, Demsey observed the frequent pairing of designer jeans and Rolex Sea-Dweller watches.

Demsey also associates watches with certain periods of life, especially with milestone events like graduation, career achievements, and so on. Buying a special watch is a way to give added significance to an event and it can also be a meaningful way to memorialize certain places, experiences and people.

Similar to other collectors, John Demsey’s collecting journey has ebbed and flowed according to changing personal tastes and preferences. His focus has always been on the design of the watch, whether the color, bracelet, or style, rather than movements or timekeeping.

For example, he went through a period of collecting every single rendition of Andy Warhol Piaget watches—in seven colors. He found the design so special that he even custom-ordered dials, which is telling of John’s appreciation for timepieces with unique style.

Demsey’s Andy Warhol Piaget watches, plus a Patek Philippe Ellipse.

The Classics

But that’s not to say he doesn’t appreciate the classic icons either. He’s a big fan of Rolex, especially Daytona “Paul Newman” chronographs, and given his early discovery of Audemars Piguet’s famed sports watch, he’s also a fan of Gerald Genta hits like the Royal Oak and the Nautilus.

He enjoys the hunt of finding a special watch that few have. His decisions are not random but purposeful, as he takes the time to stay up-to-date with the watch market. He follows auction houses, reads Hodinkee and IW Magazine, and his social media feed includes watch brands and watch influencers. A good watch purchase for John is a mix of an emotional connection, a striking aesthetic, and topnotch quality.

While he used to stick to the “one in, one out” rule when collecting watches to ensure that they all got good wrist time. While the guideline has changed slightly to “three in, one out,” Demsey still believes that watches should be worn and not locked away in a safe. He doesn’t buy them for a future return on investment but simply because he loves them. He purchases watches using a variety of sources, including auctions, dealers, boutiques, online platforms, and can sometimes get an insider’s tip on an available piece via a phone call too. However, he says that his best watches were found during trips to Milan and Rome.

When I asked Demsey how he feels about luxury watch brands selling their timepieces online, he doesn’t think anything can replace the experience of an in-boutique purchase. Trying on watches in a store or discovering a hidden timepiece in the back of the shop is all part of the excitement of in-person watch shopping. Yes, you can certainly find and buy watches easier online and the Internet can help you locate a seldom-seen reference, but the sense of discovery and anticipation can also be lost.

However, the online watch world is a great place to get educated about watches. For example, if Demsey finds something he likes, he does his research online first to make sure prices and other details are in order before pulling the trigger.

It’s no secret that watch buying and collecting has flourished over the last fifteen years or so. Demsey believes that this phenomenon is fueled in part by people seeking objects that are timeless in design and built to last. We’re bombarded with so many disposable items today that grounding ourselves with beautiful and long-lasting pieces like art, furniture or watches can give immense pleasure.

Independents

The watch market is certainly not immune to fleeting trends; we’ve witnessed so many watch styles over the decades, from the understated and restrained to the opulent and oversized. Gold metals moved aside for white metals, only to come back again in full force. Demsey believes that there will be a rebirth of the aerodynamic designs that were prevalent in the 1970s joined by the smaller Art Deco-inspired pieces that gained prominence in the 1930s.

Demsey also admires exclusive independent watchmakers like F.P. Journe that find their voice and produce small batches of high-quality timepieces for an enthusiastic following. In fact, during these past eighteen months, Demsey became even more interested in watches. This is despite being tethered to his at-home computer screen where the time is always on display and he has fewer occasions to wear his watches out in the world. Yet, he discovered new watch brands and models, just like the H. Moser & Cie piece strapped around his wrist during our interview. He clicked with the brand, just like he did with Urban Jürgensen and Ressence.

After hearing John speak during our interview, I have a sense that his appreciation of art, love of collecting, and emotional connection to beautiful objects were rooted at a young age and have become an integral part of his life. His enthusiasm for watches is one way in which he expresses his passion for great style and it was a pleasure to learn about his story.

Laurent Martinez is the proprietor of Laurent Fine Watches in Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com or visit his store’s site at www.laurentfinewatches.com

A. Lange & Söhne April 1, 2021

Collector Interview: Steven Posner

By Laurent Martinez

I have noticed that enthusiasts, whatever their domain, generally become passionate about a subject from an early age. For Steven Posner, it started with an interest in food, then cars, and later on, watches. As a youngster, Posner wanted to become financially independent, so he worked part-time as a busboy at the fast-food joint, Nathan’s. From the front of the house he eventually moved into the kitchen where he learned how to cook, then he worked his way up to take a position at the counter where he honed his customer service skills.

Steven Posner, founder of Putnam Leasing.

After graduating from high school, Posner took a job as a driver for a Long Island car leasing company but shortly moved to work for a competitor—first as a driver then as a salesman. He continued to pursue his sales career across several leasing companies throughout the 1980s.

However, he soon realized that he wanted to venture out on his own and become a business owner. It was clear that exotic cars were Steven’s forte, so he founded Putnam Leasing and brought in Cyndi and Richard Koppelman, owner of Greenwich-based Miller Motorcars, as a partner. Today, Putnam Leasing is the leader in exotic and collector car leasing, offering cars like Ferrari, Aston Martin, Bentley, and Lamborghini, just to name a few.

Greenwich-based Miller Motorcars partners with Putnam Leasing.

Passions

Posner’s appreciation for design, beauty, and mechanics when describing cars is palatable. He waxes poetic about older cars being handmade and exalts their use of metal over plastic, genuine leather instead of leatherette, and so on. He also emphasizes that these types of cars hold their value.

He has the same type of passion for watches too, as illustrated when he spoke about his first Seiko chronograph.

Posner’s appetite for fine watches began when he was in his late-20s. He purchased a 1963 gold Rolex Oyster with a black dial for $1,600. After six years of wearing the watch daily, he got $3,000 for it. Steven realized that just like old cars, old watches could gain value as well—as long as you pick the right ones.

As his Rolex and Patek Philippe watch collection grew, so too did his appreciation for vintage watches. While new models are certainly beautiful, vintage pieces are what capture his attention. He diligently checks the Instagram accounts of his preferred dealers every morning to see what they have available. He understands that developing genuine relationships with key dealers is how he can get his hands on exceptional timepieces.

A Rolex Milgauss in Posner’s collection.

Considerations before buying

Posner approaches buying watches much the same way he examines cars, which is to say he considers condition, price, rarity, and design. He doesn’t believe in buying a watch “at a good deal” if it needs too much work to get it right.

Whether cars or watches, his mantra is to always buy the best you can find, even if that means paying a higher price now because, in the end, these examples will always be worth more when reselling.

As a long-time collector, Posner always advises new collectors with limited budgets to stick to popular brands. He asserts that brands like Rolex, Patek Philippe, Omega, F.P. Journe, and A. Lange & Söhne are generally sound acquisitions as there will always be a market for them. He also adds that it’s important to buy something you will enjoy wearing instead of a watch that will stay in the safe.

When I asked him what cars, watches, food, and wine have in common, he pointed out that wearing a nice watch, driving a nice car, or sharing a meal with friends and family in a nice restaurant can make us feel good. These are ways to enjoy the finer things in life.

Demand will remain

Even if the world is changing, Posner believes that the world of antique cars, watches, and wine will remain largely the same in twenty years. People will continue to pay attention to status. He also believes that fine machinery, whether a car or watch, will be worth even more in twenty to thirty years than they are now.

The big brands have created the market, and demand will always be there, he says. Of course, some companies are stronger than others and Posner thinks that a brand has to offer something special to last. There will always be enthusiasts that appreciate the smells and sounds of vintage cars or the beauty of a grand complication.

(The full interview with Steven Posner and his analysis of the exotic car market and vintage watches is available here and at blog.laurentfinewatches.com.)

Laurent Martinez is the proprietor of Laurent Fine Watches, Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com or visit his store’s site at www.laurentfinewatches.com.

Casio November 9, 2020

Protecting Our Oceans

By Laurent Martinez

Between the COVID pandemic, wildfires on the West Coast, hurricanes in the South, and other turmoil, we are living through exceptionally difficult times. Our daily lives, whether professional or personal, have changed in fundamental ways—particularly when it comes to in-person events. With all the current restrictions in place, companies have had to be creative to not only promote their brands but the causes they believe in too.

I received an email from Blancpain recently inviting me to attend a virtual event organized by Oceana. With the tagline “Protecting The World’s Oceans,” Oceana, based in Washington, D.C., is the largest international organization dedicated solely to ocean conservation.

Although it was only possible to attend the event online, it was clear that Oceana put in the extra effort. I then received from Andrew Handschin, general manager of Blancpain USA, a lovely package with bread, patés, specialty butter, a festive bottle of champagne, and an invitation to enjoy the live event from home.

Then, a link to attend the online “Oceana Virtual New York Gala” and silent auction was sent via email.

While the spirit, excitement, and inspiration of an online occasion cannot compare to an in-person event with hundreds of people sharing the same space, the message of “Protecting our oceans and future” was still conveyed passionately.

The Oceans & Hayek

Blancpain is famously involved with causes focused on saving the ocean, its eco-systems, and its species. At the helm of this involvement is Blancpain CEO, Marc A. Hayek, who is an enthusiastic scuba diver and a vocal advocate of ocean conservation. He has even received several accolades for his efforts.

Blancpain’s connection to marine conservation is further emphasized by having marine scientist, deep diver, and underwater photographer Laurent Ballesta as an ambassador of the brand. Blancpain’s Lettres du Brassus magazine frequently publishes Ballesta’s incredible photography and stories as he travels the globe.

The fascination with the ocean is not new to Blancpain. It was the first watchmaker to develop a professional diving watch in the form of the Fifty Fathoms in 1953—beating out the Rolex Submariner as “the first” by a few months. Since then, Blancpain has always had a spiritual affinity with the oceans of the world.

Blancpain developed the Fifty Fathoms professional diving watch in 1953.

As a result, it was only natural for Blancpain to partner with Oceana, assisting with the organization and publicity of the “Oceana Virtual New York Gala” event. The night’s hosts were Susan and David Rockefeller Jr. while speakers included Jane Fonda, Ted Danson, and Sam Waterston. The evening also featured performances by Sting, Nile Rodgers, and Chic.

The Blancpain Fifty Fathoms Ocean Commitment.

Among all the powerful words that were said that night, the ones that struck me the hardest were “Save the oceans, feed the world. Restoring the ocean could feed one billion people with a healthy seafood meal every day.” Followed up by “Do something.”

Learn More

These are strong statements, and I invite you to visit www.oceana.org to discover more about the organization’s projects and how you can help.

“Do something” rings true here, no matter the size of the effort—every bit helps, whether spreading awareness or making small contributions.

Once a year in my town, you can go on a Saturday morning help clean up the beach.

Once a year in my town, you can go for three hours on a Saturday morning to help clean up the beach by picking up plastic bags, bottles, and other garbage. It’s a fantastic community event where you not only learn about ocean conservation but where you can also meet other like-minded people.

Oceana and Blancpain are big organizations that strive to remind us that preserving the health of our oceans is critical and there is a need to change our habits and attitudes before it’s too late. One person at a time can make a big difference.

I am thankful that I attended this beautiful night, which served to highlight that awareness, creativity, unity and commitment can make a big difference in our lives, our children’s lives, and future generations.

Laurent Martinez is the proprietor of Laurent Fine Watches, Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com or visit his store’s site at www.laurentfinewatches.com

How to Start a Vintage Watch Collection

By Laurent Martinez

Over the years, I have noticed a recurring pattern with collectors that are new to the vintage watch market. There seems to be a tendency to compulsively buy too many watches at once without clear motivation as to why.

However, it appears that many new collectors who have taken this approach are ready to part with at least half of their new collection only a few months after building it. Perhaps they were attracted to a certain style. Maybe they enjoyed the mystery of discovering something special.

Or maybe they purchased a watch thinking they got a good bargain despite never having seen or heard of the watch before.

I remember meeting a young collector in Paris who wanted to sell his watches. He came to me with bags of timepieces, but he did not really know what he had.

I unfortunately had to let him know that most of his watches were worthless. Out of the one hundred or so timepieces, he only had a few interesting pieces from Croton and Lip.

Of course, this type of collecting can have a serious impact on your wallet. Buying a watch without knowing much about its value ends up being a waste of time and money. It may end up costing you more to fix the watch than it is actually worth. You may not be able to resell the watch for the price you paid for it or worse; you may be unable to sell it at all—even at a loss.

Do your homework

So, how do you start a vintage watch collection? The most important thing to do is to do your homework to build some guidelines. This does not necessarily mean having to spend hundreds of hours researching watches, but at the very least you should invest time into setting some parameters.

For example, define your preferred style. Dressy or sporty? Simple three-handed dial or a more complex chronograph? Stainless steel or gold? Civilian watches or military-issued timepieces? While you may like all of the above, it is always better to start with some restrictions in mind to avoid getting carried away. This approach will narrow your options and give you more focus.

After you have thoughtfully acquired some pieces that fit your initial criteria, then you can expand the parameters.

Estimate value

In terms of estimating the value of a watch, you can always visit websites like eBay and Chrono24 for well-known brands to see what people are asking for. Yet, keep in mind that there is a difference between asking price and market price. Listed prices on eBay are a reflection of what people want to sell the watch for and not necessarily what buyers are willing to pay.

You can choose the “Sold Items” filter to see how much a watch was purchased for. What’s more, you have to also consider commission fees, state taxes, and other dues.

If possible, I always recommend going to flea markets, local watch shows or auction events to have the watch in hand before buying. This approach allows you to inspect the details of the watch and speak to the dealer to ask any questions you may have.

Talking to the seller face-to-face will give you a better sense of how accurately priced the watch is. You learn a lot this way, and most importantly doing this can give you a better feeling of what watches you actually like “in the metal.”

Be wary

Buying online can be trickier since some websites are full of retouched images and incorrect information. However, if you have no choice but to buy online, then my advice is to only purchase from a domestic seller. Buying internationally is always riskier whether its complications with shipping and customs or sourcing from regions that are known to be flooded with counterfeit products.

I would also advise purchasing watches that are priced at the lower end of the market rather than the higher end. It is easier to come to terms with making a mistake that costs a few hundred dollars over one that costs a few thousand.

Quartz or automatic?

As always, it is all about the details. For instance, new or vintage quartz watches rarely hold their value as well as mechanical watches. There is hardly any interest in quartz watches in the secondary market. You would fare better with a hand-wound or automatic watch. If you purchase a lower-priced quartz watch, the financial loss would not be too great.

Yet, remember that high-end brands like Breitling and Omega sell quartz watches and these battery-operated timepieces lose tremendous value in the pre-owned market.

Even in the mid-range market, you would be better off buying an automatic Invicta watch instead of a quartz one. I have a friend who collects mid-range priced watches and he is very successful. There is a flourishing market for mid-priced watches and they sell quickly. He is well versed in these particular watches and understands their specifications and how they differ from high-end timepieces. As such, I always try to pick his brain and ask his advice when I am about to get one of them.

Online queries

Another great tool to gain watch knowledge is checking watch forums. There are some very knowledgeable people there that are especially focused on the technical aspects of watchmaking, which can be very helpful. The great thing is that forum members are usually very helpful and willing to share information. Always cross-reference your information with several sources to make sure it is accurate.

When looking at a watch, always start with the basics. I recently saw a watch with chronograph pushers, but the watch had a calendar dial! Obviously, it was a fake.

And sometimes people pretend to know more than they do. A lady contacted me to appraise a watch she bought at a tag sale. Five of her friends told her it was a real Audemars Piguet with a tourbillon.

I had to regretfully inform her that it was not a tourbillon at 6 o’clock, but in fact, a running seconds subdial.

Take your time

In short, educate yourself, ask questions, and take your time. Do not buy on impulse and set a budget for yourself. If you can, see the watch in real life instead of just photos, but if this is not possible, do not be shy to ask for more pictures.

Most importantly, listen to your gut. Keep these tips in mind when building a watch collection and things should go relatively smoothly. Good luck!

Laurent Martinez is the proprietor of Laurent Fine Watches, Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com or visit his store’s site at www.laurentfinewatches.com

Don Loke and His American Watchmaking Dream

By Laurent Martinez

I would like to share a hopeful story with you about an American Master Watchmaker working to achieve his lifelong dream.

For the past forty-five years, Don Loke has enjoyed a long and successful career as a professional master watchmaker and most recently has launched D Loke, his eponymous bespoke watch collection.

Loke’s deep watchmaking training and industry history has prepared him well for this most recent venture.

The watchmaker

Don Loke graduated in 1978 from the Bowman Technical School in Lancaster, Pennsylvania, and then worked with a master watchmaker in Meriden, Connecticut.

Master watchmaker Don Loke at his atelier in Connecticut .

After this experience, he went back to Bowman and took clock making courses to finally finish in 1984. After Lancaster, Loke attended WOSTEP, the Watchmakers of Switzerland Training and Educational Program, in Neuchâtel, Switzerland, where he graduated first in his class.

Learning from Masters

While he was at school he met Michel Parmigiani and Philippe Dufour—two master watchmakers and renowned personalities in the Swiss luxury watch industry.

This was just the beginning. Post-graduation, he was invited by Breguet and Jaeger-LeCoultre for training in Switzerland and became the official after-sale person for Breguet in the U.S. when it was still owned by Chaumet. He also worked for two years with Master Watchmaker Dennis Harmon, in Waterbury, Connecticut, after which he became Technical Director of movement maker ETA for the American market. Loke soon joined UTAC Americas (which distributed Audemars Piguet, Breguet, Bertolucci, and Girard-Perregaux) as its technical director.

During this time, Loke also learned from Master Watchmaker Daniel Roth in Switzerland, who taught him the ins-and-outs of the highly complex tourbillon mechanism. By the mid-1990s, Loke worked with prominent companies such as Sotheby’s, Christie’s, Gerald Genta, and Daniel Roth.

Loke served as U.S. representative for Parmigiani Fleurier in the U.S. for more than six years.

When Loke found out that Michel Parmigiani was striking out on his own, Loke reached out to his old friend and eventually became the U.S. representative for Parmigiani Fleurier for more than six years. Don even interacted with legendary horologist George Daniels, discussing his new escapement and the double-wheel escapement Loke eventually developed. After seven years, he turned the escapement into a Solidworks program.

High-level services

When Don Loke is not working on his own bespoke projects, he services incredible watches, ranging from minute repeaters to chronographs. He also restores intricate timepieces that require special attention, recreating parts from scratch to make identical versions of the original components. At the same time, he currently is in charge of the North American Service Center for Louis Moinet—a brand that makes exceptional watches that range between $80,000 and $350,000.

Loke currently is in charge of the North American Service Center for Louis Moinet. Pictured is the Louis Moinet Memoris Red Eclipse.

As you can see, Loke’s specialty is working on high-complication timepieces and his passion for watches and watchmaking has only augmented over the decades.

Own brand: D Loke

After all these years of dedicating his time to other brands and watches, Don Loke recently began to make eponymous bespoke watches. He established two shops. One is the “clean room” to house machinery for fine turnings, cuttings, wheel making, and pinion producing. He has a microscope for measuring, a guilloché machine with forty-two discs for dial decorating, and an oven for enameling.

This room is also where Don Loke stores his sketches, drawing, layouts, and 3D modeling. The other is the “dirty room” for more heavy type work. Prototyping takes place at his shops and production models are executed with CNC technology.

Dress chronographs

The first D Loke watch model is a chronograph dress watch—an idea Don Loke stored in the back of his mind for decades—where the chronograph pushers are hidden from sight.

Inside the 5 ATM water-resistant titanium case is a dial with asymmetric sub-dials and ornately cut center hands resembling blades. The rich blue details on the dial change color depending on the light, and there’s a crown at 9 o’clock to rotate the inner timing bezel.

The limited edition D Loke dress chronographs run on chronometer-rated Concepto calibers, a hybrid Swiss movement based on the ETA Valjoux 7750.

The Concepto Cal. 8100 (quality 1) decorated movement regulated by Loke to chronometer standards.

The watches took six months from design to manufacturing, and while the watch is made in Switzerland, the quality control and finishing are done in the U.S. There are twenty-five examples of the white-dial version, twenty-five examples of the white dial (with a blue bezel) version, and 300 examples of the blue dial version.

Although the watches are currently only available for purchase directly from Don Loke, his goal is to be in stores like Manfredi Jewels or Betteridge.

Second model

Loke is already working on his second watch model and is currently completing the prototype of a new lever escapement. At the heart of the watch will be a 100% proprietary movement, based on Don Loke’s design and technical drawings – his very own invention.

Loke says he will source handmade gold dials from J.N. Shapiro in California. As a result, this will be a handmade watch made entirely in the United States. Don expects to manufacture five prototypes in the first year and he will become the first American watchmaker to make his own high-end watch powered by his own movement. The aim is to present this timepiece to the U.S. market by the end of 2020 with a price tag of $65,000 to $75,000.

Daniels connection

The third D Loke watch model will be a model with a double pivoted and spring detente escapement—invented by Don Loke based on conversations he had with George Daniels.

Yet again, this is his invention, with designs and technical drawings built from scratch. With already twenty-five orders in the books for this upcoming watch model, the American market should see it by the second quarter of 2021 with a price tag of $175,000.

Ultimately, it is Don’s dream to have his own watch on his wrist. Another goal of his is to bring his three children into the business. All are highly skilled engineers.

With all of these ideas and designs, including a future tourbillon piece, Loke is going to need plenty of talent and skill.

I love this spirit of entrepreneurship, and I wish Don Loke the very best and abundant success with his new company. Stay tuned for the end of the year when he unveils his new watches.

Laurent Martinez is the proprietor of Laurent Fine Watches Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com (where this article first appeared) or visit his store’s site at www.laurentfinewatches.com

Collector Interview: John Demsey

Collector Interview: Steven Posner

Protecting Our Oceans

How to Start a Vintage Watch Collection

Don Loke and His American Watchmaking Dream

AIKON AUTOMATIC DATE 42MM- Maurice Lacroix

interchangable DEFY Extreme Diver straps- Zenith

Highlife Worldtimer Manufacture- Frederique Constant